Echelon Reports Inducement Grants Under NASDAQ Listing Rules
SANTA CLARA, Calif., Jan. 10, 2018 /PRNewswire/ -- Echelon Corporation (Nasdaq: ELON), a leading independent control networking company for the Industrial Internet of Things (IIoT), today reported certain equity inducement award grants to newly hired key employees, as required by NASDAQ Stock Market Rules.
As an inducement to entering into employment with the Company, and in accordance with NASDAQ Listing Rule 5635(c)(4), on January 10, 2018, the Compensation Committee of the Board of Directors granted an aggregate of 24,000 restricted stock units to two new key employees. The RSU awards were made outside of the Company's current equity plan, but will be subject to terms and conditions generally consistent with those in the Company's 2016 Equity Incentive Plan. Each RSU award will vest as to one-third of the shares on January 10, 2019 and on each annual anniversary thereafter, in each case subject to continued service by each such employee through each applicable vesting date.
About Echelon Corporation
For 25 years Echelon (NASDAQ: ELON) has pioneered the development of open-standard networking platforms for connecting, monitoring and controlling devices in commercial and industrial applications. With more than 110 million devices installed worldwide, Echelon's proven, scalable solutions host a range of applications enabling customers to reduce energy and operational costs, improve safety and comfort, and create efficiencies through optimizing physical systems. Echelon focuses today on two IoT (Internet of Things) market areas: creating smart cities and smart enterprises through connected outdoor lighting systems, and enabling device makers to bring connected products to market faster via a range of IoT-optimized embedded systems. More information about Echelon can be found at www.echelon.com.
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Echelon and the Echelon logo are trademarks of Echelon Corporation that may be registered in the United States and other countries. Other product or service names mentioned herein are the trademarks of their respective owners.
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SOURCE Echelon Corporation